BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To agree with the project manager.
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To eliminate a specific risk or threat, to reduce the probability and / or impact of an adverse risk event to be within acceptable threshold limits, or to pursue an opportunity actively.
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Not to change the project management plan to deal with a risk, or it is unable to identify any other suitable response strategy.
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To purchase insurance, or to require performance bonds, warranties, and guarantees.
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Detailed explanation-1: -In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided: To agree with the project manager.
Detailed explanation-2: -The five basic strategies to deal with negative risks or threats are Escalate, Avoid, Transfer, Mitigate and Accept. Risk strategy is applied on the basis of the risk exposure.
Detailed explanation-3: -Risk response planning is the process of developing options and determining actions to enhance opportunities and reduce threats to the project‘s objectives. It includes the identification and assignment of individuals or parties to take responsability for each agreed risk response.
Detailed explanation-4: -Mitigate – act to reduce the probability of occurrence or the impact of the risk. An example of this is choosing a different supplier. Accept – acknowledge the risk, but do not take any action unless the risk occurs. An example of this is documenting the risk and putting aside funds in case the risk occurs.
Detailed explanation-5: -Residual risks, fallback plans, and contingency reserves are all outputs of the Plan Risk Responses process, making this the correct answer.